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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 27, 2007
On average, retail gasoline prices last week held at the prior period's level of $3.10 per gallon, according to the US Department of Energy survey.
Divided by consumer prices other than energy, these gasoline prices are just below the high reached in 1981.
Yesterday, prices for spot WTI crude oil stood at $97.71 per barrel, down slightly from last week's average.
In perhaps a favorable sign for home heating bills this season, natural gas prices continued the move sideways at the high end of the recent $6.5 - $7.5 per mmbtu range (-0.3% y/y).
Gold prices continued to hover around the $800 per ounce level and the level surpassed the previous record price reached in early 1980.
Oil Shocks and Price Stability from the Federal Reserve Bank of St. Louis is available here.
Weekly Prices | 11/26/07 | 11/19/07 | Y/Y | 2006 | 2005 | 2004 |
---|---|---|---|---|---|---|
Retail Gasoline ($ per Gallon) | 3.10 | 3.10 | 37.9% | 2.57 | 2.27 | 1.85 |
Light Sweet Crude Oil, WTI ($ per bbl.) | 98.83 | 91.18 | 70.3% | 61.11 | 58.16 | 41.78 |
Gold: Handy & Harmon ($ per Troy Oz.) | $795.50 | $804.25 | 27.4% | 628.70 | $507.40 | $443.40 |